Senior Expenses definition

Senior Expenses means amounts due and payable in the following order of priority:

Senior Expenses means any expenses of the Issuer which rank in priority to the Class A Notes in the relevant Priority of Payments.

Senior Expenses. " means any expenses of the Issuer which rank in priority to the payment of interest on the Class A Notes in the relevant Priorities of Payments.

Examples of Senior Expenses in a sentence

• Available Redemption Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• Available Principal Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• The risk of late payment by Obligors is in part mitigated by the Cash Reserve Account Release Amount (subject to the limitations set out in Condition 8.9 (Senior Expenses Deficit) of the Conditions), in the case of the Collateralised Notes, the use of the Principal Addition Amounts (subject to the limitations set out in Condition 8.9 (Senior Expenses Deficit) of the Conditions) and, in the case of all the Collateralised Notes, any excess spread applied through the Principal Deficiency Ledger.

• The priority of the Debt and the Residual Certificates are further set out in "Cashflows – Pre- Enforcement Revenue Payments Priorities", "Cashflows – Application of Available Principal Funds to cure a Senior Expenses Deficit" and "Cashflows – Post-Enforcement Payments Priorities".

• In each case, any such payment of Refinancing Costs shall be made in accordance with and subject to the Priorities of Payment and the Senior Expenses Cap.THE ISSUER The information in this section should be read in conjunction with the section entitled “The Issuer” in the 2016 Prospectus.

More Definitions of Senior Expenses

Senior Expenses means any expenses of the Issuer which rank in priority to the Most Senior Class of Notes in the relevant Priority of Payments;

Senior Expenses means all costs, sums and expenses incurred or to be incurred in respect of items (ii), (iii), and (iv) of the Pre-Enforcement Revenue Payment Priorities. Retained Profit Prior to the delivery of an Enforcement Notice, on each Interest Payment Date, the Issuer will transfer to the Retained Profit Account an amount equal EUR 80 (the Rouble equivalent of which will be debited from the Transaction Account as calculated at the official exchange rate of the Central Bank of the Russian Federation on the relevant Determination Date), for each calendar month or part thereof by way of retained profit. Resignation and removal of the Cash ManagerThe Cash Manager may at any time resign its appointment upon not less than one month's notice in writing to the Issuer, the Mortgage Administrator and the Trustee, provided that such resignation will not take effect until a successor acceptable to the Issuer and the Trustee has been duly appointed by the Issuer on terms substantially similar to those of the appointment of the Cash Manager under the Cash Management Agreement. If the Issuer has not appointed a successor prior to the expiry of the notice period given by the Cash Manager, the Cash Manager will be entitled (but not obliged) to nominate such a successor. The Issuer (with the prior written consent of the Trustee) or the Trustee may at any time revoke the appointment of the Cash Manager upon not less than one month's notice in writing to the Cash Manager, provided that such removal will not take effect until a successor acceptable to the Issuer and the Trustee has been duly appointed by the Issuer on terms substantially similar to those of the appointment of the Cash Manager under the Cash Management Agreement. In addition to the right of revocation as set out above, the Issuer may, with the prior written consent of the Trustee, or the Trustee may itself, by written notice of termination to the Cash Manager, terminate the Cash Manager's appointment under the Cash Management Agreement on the date specified in such notice immediately or at any time after the occurrence of any of the following events:

Senior Expenses means (A) Vessel Expenses and (B) all fees and expenses (including reasonable attorneys' fees, expenses and disbursements) of the Notes Administrative Agent, the Paying Agent, the Security Trustee, the Registrar, the Account Bank and any other agency function expenses in connection with this Agreement and the other Financing Documents.

Senior Expenses means fees, expenses and indemnity claims only, to be paid to the Collateral Administrator, the Calculation Agent, the Principal Paying Agent, the Account Bank, the Custodian, the Corporate Services Provider, the Placement Agent, the FX Liquidity Facility Provider, the Collateral Manager and the Rating Agencies.

Senior Expenses means, on any date, an amount, as calculated by the Investment Administrator (based on the information received from the Issuer, the Calculation Agent and/or the Portfolio Manager or in the Investment Administrator's possession for the purposes of the performance of its obligations under the Transaction Documents at such time) on or about the day which is 5 Business Days prior to such date, equal to the aggregate of the following (but only, except for SPV Costs, to the extent payable or accrued due but unpaid on such date):

Senior Expenses means expenses of the Issuer which rank at items (a) to (d) of the Pre-Enforcement Revenue Payments Priorities or items (a) to (c) in the Post- Enforcement Payments Priorities (as applicable);

Senior Expenses means for any Interest Period, the sum of all fees, costs and expenses or other remuneration and indemnity payments, inclusive of VAT, if applicable, estimated on the relevant Calculation Date by the Cash Manager to be payable by the Issuer on the Interest Payment Date related to such Interest Period in accordance with items 1 and 2 under the Pre–enforcement Interest Priority of Payments and under the Post–Enforcement Priority of Payments. The amount of Senior Expenses payable with respect to any Interest Payment Date will vary to the extent that some are payable on an annual basis while other fees are payable on a quarterly basis and the actual senior expenses may vary from the estimate of Senior Expenses as determined on each Calculation Date and, in respect of any shortfall resulting therefrom in respect of items 1 and 2 under the Pre–Enforcement Interest Priority of Payments and under the Post–Enforcement Priority of Payments, the Cash Manager may make a drawing under the Liquidity Facility Agreement.